Orlando Home Sales Slip in June, Yet Prices Still Rising

Orlando Regional Realtor Association | July 16, 2019

According to the Orlando Regional Realtor Association, Orlandos housing market enjoyed year-over-year increases in both median price and inventory in June 2019, while home sales took a bit of a slide during the peak of our traditional homebuying season. We are expecting Junes 2% decline in sales to reverse itself in the coming months as families seek to close on their new homes before the start of the school year, says Orlando Regional Realtor Association President Jeffrey M. Fagan. In addition, we anticipate an eagerness to take advantage of favorable conditions such as falling mortgage rates and small-but-steady increases in the inventory of homes available for purchase in the Orlando area.

Spotlight

Whether you’re a first time home buyer, an experienced seller, or just someone invested in the market, this information is all really good to know. Some of Santa Monica’s statistics are a little different as far as numbers go. In Santa Monica, the average price a home sold for in the last half of 2011 was $1,972,104, a 1.82% increase from the first half of 2011. I’ll be delivering monthly reports on Santa Monica statistics, so check back every month to take a look and see the changes.

Spotlight

Whether you’re a first time home buyer, an experienced seller, or just someone invested in the market, this information is all really good to know. Some of Santa Monica’s statistics are a little different as far as numbers go. In Santa Monica, the average price a home sold for in the last half of 2011 was $1,972,104, a 1.82% increase from the first half of 2011. I’ll be delivering monthly reports on Santa Monica statistics, so check back every month to take a look and see the changes.

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REAL ESTATE INVESTMENT

Capital Square Acquires Multifamily Community in Knoxville, Tennessee, for DST Offering

Capital Square | June 07, 2022

Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, Tennessee. The community was acquired on behalf of CS1031 Village of Westland Cove Apartments, DST. This is Capital Square's sixth acquisition of a multifamily community in Tennessee for the DST/1031 exchange program. Village at Westland Cove is located in one of the hottest housing markets in the nation for 2021.1 Employment in the area is exceptionally strong, with the Oak Ridge Reservation and National Laboratory, operated by the U.S. Department of Energy, only 19 miles away, generating 14,667 full-time jobs and wages totaling over $1.3 billion." Louis Rogers founder and chief executive officer of Capital Square Completed in 2019, Village at Westland Cove is located at 9635 Westland Cove Way along Interstate 140. The 28.2-acre luxury multifamily community sits on the shore of scenic Fort Loudoun Lake. It offers one-, two- and three-bedroom units averaging 1,147 square feet with best-in-class amenities. The community features include a state-of-the-art fitness center, Amazon lockers and coolers for grocery deliveries, car care center, two pet play areas, coffee bar, business center, food truck nights, gaming patio with bocce ball court, outdoor firepit, outdoor kitchen, club house, swimming pool, kayaks available to residents, as well as lake access via a resident dock. Village at Westland Cove is located within close proximity of The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center that includes more than 65 retail stores and restaurants. The property is in the 10th hottest housing market in the country for 2021,1 with a 5-year value increase of 55%, according to Zillow Group. Turkey Creek Medical Center, a Level III trauma center that is part of Tennova Healthcare, lies within two miles of the property. Situated further along the I-140 and I-40 are attractions such as Knoxville Museum of Art, Market Square and Zoo Knoxville. The Oak Ridge Reservation, operated by the U.S. Department of Energy and home to Oak Ridge National Laboratory, is approximately 19 miles from the Village at Westland Cove and is the largest employer in the area. According to the East Tennessee Economic Council, approximately 14,667 full-time jobs were directly provided by the DOE and its major contractors within Tennessee in 2020, with annual wages and salaries totaling nearly $1.311 billion.2 WBIR.com reports that Bill Lee, Tennessee's governor, recently announced a $72 million budget for the UT-Oak Ridge Innovation Institute, a collaboration between the University of Tennessee and Oak Ridge National Laboratory, in a bid to attract and maintain science, technology, engineering and mathematics (STEM) talent in the Knoxville area.3 "Village at Westland Cove is an exceptional multifamily property located in an idyllic setting with luxury amenities throughout," said Whitson Huffman, chief strategy and investment officer. "The local economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove." Data from Esri shows the average household income within a three-mile radius of the property reaches approximately $130,000. According to Yardi Matrix, Knoxville's rental rates are rising along with demand, with 18% year-over-year rent growth and 98.1% average occupancy as of March 31, 2022. The Bureau of Labor Statistics reports that Knoxville witnessed an increase of over 19,000 job opportunities since February 2021, with unemployment rates reaching 2.8%. According to the BLS, job opportunities in the area should continue to grow with 3M Company announcing plans to invest approximately $470 million to expand their manufacturing facility in the Knoxville MSA, creating 600 new jobs by 2025.4 Taylor Bird, Nelson Abels, Robert Stickel, and Alex Brown of Cushman & Wakefield represented the seller. Bird, executive director of Cushman & Wakefield, noted, "The Village at Westland Cove offers a truly unique asset coupled with an unrivaled amenity package, interior finishes and beautiful water views." CS1031 Village of Westland Cove, DST seeks to raise $52.8 million in equity from accredited investors and has a minimum investment requirement of $50,000. Since its founding in 2012, Capital Square has acquired 146 real estate assets for approximately 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation. About Capital Square Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.6 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020.

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REAL ESTATE TECHNOLOGY

George Slusser, head of the WAV Group's New Real Estate M&A Advisory Division

prnewswire | January 14, 2021

George Slusser, one of the land business' generally capable and notable valuation specialists, will join WAV Group to head its new Mergers and Acquisition Advisory Division, land's driving counseling and examination firm reported today. As the most up to date individual from the WAV group, Slusser brings over 35 years of involvement, remembering individual investment for more than 300 land business consolidations and acquisitions on both the procuring and selling side including many financier organization valuations. "George literally wrote the book on real estate M&As," WAV Group Managing Partner Victor Lund said. Slusser authored the industry best-selling book, Acquiring Profit, which created the foundation for today's modern M&A industry for U.S. real estate brokerages. "We can honestly say that no one will offer brokers better M&A advice than WAV Group with George on board." Lund clarified that at Cendant, Slusser helped led the significant acquisitions that made what is currently Realogy, the world's biggest land organization. Slusser most as of late was the previous COO and Chief Growth Officer of SVN International (earlier Sperry Van Ness), and past President and COO of Coldwell Banker Commercial Real Estate. He likewise was a top leader at GMAC Home Services, ERA Franchise Systems, and Merrill Lynch Realty. "No one has more experience helping real estate brokers navigate the challenges of preparing a succession plan and the right exit strategy than George," added Marilyn Wilson, WAV Group Managing Partner. "WAV Group already assists organizations to increase the value of their companies with the services we provide in technology, recruiting, retention and organizational excellence. Once an acquisition is complete, WAV Group supports brokerages with overhauling branding strategies, technology and data services creating operational and organizational efficiencies. WAV Group Communications is there to help the newly formed organization communicate the vision and strengths of the new entity to expand the brand strength as well as helping to retain agents and clients by minimizing disruptions. With our new M&A division, we now provide an end-to-end service to help our clients maximize the growth and profitability of their businesses­­­," she added. For Slusser, heading up the WAV Group's new M&A Advisory division allows him to "fill an unmet need for broker-owners." "There's an absence of firms offering brokers comprehensive M&A advice," Slusser said. "In the next three years, we expect the record consolidation we have already seen in the real estate brokerage industry to continue. As the ownership in our industry continues to age, the transfer to the next generation is underway. Broker-owners want - and need - guidance. We specialize in helping them understand the value of their company, create succession planning, explore partnership structures, help them raise capital, and most importantly, provide strategic support for each of these processes. And with M&As, both the selling side and acquiring side benefits from independent representation." At WAV Group, the M&A Advisory Division offers a far reaching scope of value and moderate administrations for customers, conveying "unparalleled skill." Slusser will head a group that has partaken in more than 600 acquisitions and consolidations with buy costs adding up to $1.1 billion. With a consolidated 55 years of M&A experience explicit to the land business, the Division can deal with a wide scope of arrangements, going from little consolidations or association purchase outs to the biggest, most complex industry exchanges. M&A Advisory administrations are accessible to land business organizations, both private and business, property the executives firms, innovation suppliers serving the land business, and start-up or beginning phase financier and specialist co-op organizations. "Our experience in being owner/operators, as well as senior executives with multiple top brands, allows us to bring a unique perspective unmatched by other advisory services. Our practical knowledge allows us not only to help properly value your firm, but we deeply understand that the most important assets of your organization are your reputation and people," Slusser said. About WAV Group WAV Group is real estate's leading consulting and research firm, offering a depth of experience in technology, strategic planning, research, business development, Mergers & Acquisition and valuation advisory, content creation, public relations, sales, product development and marketing in the real estate industry. Clients include some of the largest MLSs in North America, international real estate franchise organizations, large independent brokerages, technology companies, and trade associations. WAV Group partners have been CEOs, executive team members, or founders of Fortune 100 and venture-funded corporations and approach each relationship with a clear understanding of the challenges that face each client's businesses today.

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REAL ESTATE TECHNOLOGY

Dreamscape Real Estate Partners With Side To Pay It Forward to Temecula Valley

Side | June 01, 2021

Side, the only real estate technology company that only partners with high-performing agents, teams, and independent brokerages to transform them into market-leading boutique brands and businesses, has announced a partnership with Dreamscape Real Estate. The partnership will ensure that Dreamscape Real Estate, a community- and a client-focused company deeply committed to giving back, is powered by the industry's most advanced platform. Allison Gelbrich, the founder of Dreamscape Real Estate, pursued a profession in real estate to assist families in attaining the American dream in the same way she did. Gelbrich, who was born in South Korea, founded her company on the principle of "paying it forward." Gelbrich is in the top 1% of Temecula Valley Realtors, creating a company based on repeat clients and referrals. Dreamscape Real Estate is happy to serve Riverside and San Diego counties, whether first-time buyers, move-up sellers, military families, or retirees. Partnering with Side will keep Dreamscape Real Estate at the forefront of an ever real estate market while also allowing its agents to continue providing top services to its clients. A one-of-a-kind premium brokerage platform delivers transaction management, property marketing, lead generation, business growth opportunities, vendor management, and infrastructure solutions to Dreamscape Real Estate agents. In addition, Dreamscape Real Estate will become a member of an exclusive group of Side partners, gaining access to a vast network from coast to coast. Side is led by veteran industry professionals and world-class engineers who create technologies to increase agent productivity and improve the customer experience. Based on its view that homeownership is a fundamental human right, Side is on a mission to enhance the public good by offering the best system, support, service, experience, and results to top-performing real estate agents, teams, and independent brokerages. About Dreamscape Real Estate Allison Gelbrich, the founder of Dreamscape Real Estate, grew passionate about helping others find their American dream after accomplishing her own. She founded the company on the principle of "paying it forward," and she works with a team of professionals who build lifelong relationships and give back to their communities. Dreamscape Real Estate services clients across Southern California, including the counties of Riverside and San Diego. About Side Side helps high-performing agents, teams, and independent brokerages grow into profitable businesses and boutique brands 100% agent-owned. Side only works with the best agents, providing them with proprietary technology and a world-class support team to help them be more productive, grow their business, and focus on their clients. The company's headquarters are in San Francisco.

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